XenoPort shares jump on development deal with Glaxo

GabrielMadway

SAN FRANCISCO (MarketWatch) -- XenoPort Inc.
xnpt
shares jumped 15% to $28.93 in Thursday morning trade after the company and GlaxoSmithKline
GSK, +1.21%
announced an agreement to co-develop and commercialize XP13512, which is currently in Phase III development for restless legs syndrome and in Phase II development for neuropathic pain. Under the terms of the agreement, XenoPort is entitled to an up-front cash payment of $75 million, and is eligible to receive milestone payments of up to $65 million for development activities leading to a new drug application filing for RLS; up to $210 million in other development and regulatory milestone payments; and up to $290 million in potential sales milestone payments. XenoPort is based in Santa Clara, Calif.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.